If you’re in the market for a new or second-hand car, there are a number of different loan products available, all with a host of different features.
Car financing that’s right for you will depend on your personal circumstances and what you’re looking for. Here are some of the main factors to consider:
- New car and used car loans – Depending on the age of the car you’re looking to purchase, there are loans that will be more suited to either new or used cars. Find the right one for you and the model you want the most but at the same time, fits your price point.
- Secured and unsecured – A secured car loan means the loan is backed by the car itself. If the loan is not secured, you should expect to pay a higher rate of interest.
- Fixed interest and variable interest – Loans with a fixed interest will give you more clarity about what your repayments will look like. When getting car loans, knowing what repayment plans there are can lift a significant amount of weight in your shoulder.
- Chattel mortgage – Chattel mortgages are for business owners wanting to purchase a vehicle for business use. They may have other features such as a balloon payment which helps reduce ongoing costs but means a higher final repayment. You might as well consider this if you are a budding business owner, or a veteran who wants to expand. A car is an investment, too, and this type of mortgage might just be for you.
Yes, we know, this can be difficult especially for those who are new to the field and have little-to no idea of how to have a car they can call their own. We, in The Brokerage Connection, are aware of the nooks and crannies needed for you to finance your car — whether it be for personal or business use.
Definitely car financing made easy for Aussies! Keen on knowing more? Visit our site and talk to our friendly, neighborhood brokers who are ready to assist you at the soonest time possible.
– The Brokerage Connection – Sydney